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Ping An, a Chinese Financial Services Giant, Joined R3’s Blockchain Consortium

When Chinese financial giant, Ping An, joined the blockchain consortium led by R3CEV last week, the group added more than just a new member but it effectively integrated with a gateway to the world's second-largest economy. It is opportunity for R3's blockchain consortium to enter into China. With a US$90 billion market capital, the company has 27 subsidiaries across a wide range of industries, including life insurance, banking and securities. But when it came to working with blockchain technology, the company, which has assets of more than US$765 billion didn’t want to do it alone.

So, earlier this year, Ping An’s chief innovation officer, Daniel Tu, called up R3CEV's global managing director, Clive Cooke, to express his interest in joining the organization. To date, more than forty financial institutions worldwide have become part of the R3 consortium. The company has been updating the company's leadership on bitcoin and its underlying blockchain since 2013, and had received a mandate from top management to test which aspects of distributed ledgers could be applied to Ping An’s subsidiaries.

News Characteristics

Date : Jun 03, 2016
Region : Asia Pacific
Industry : Insurance
Function : Operations and IT
Sub-Function : IT Modernization/Transformation

Financial Firm